In 2023, key Centrelink changes included significant payment boosts for youth, students, and pensioners due to indexation, increases to Child Care Subsidy thresholds, and adjustments to deeming rates for assets like home sale proceeds, benefiting those selling and using funds for a new home. Also, Medicare-rebated psychology sessions were reduced, and superannuation was added to Paid Parental Leave, with ongoing tweaks to income/asset test thresholds throughout the year.
How much money can I have in the bank before it affects my pension? It depends on your total assessable assets. For example, homeowner couples can have up to $481,500 in combined assets, including bank balances, before their pension is reduced.
Set to roll out from late December 2025, this cash payment is part of a national cost-of-living relief package aimed at supporting pensioners, carers, jobseekers, and low-income households facing ongoing financial strain.
It is being paid out to eligible Centrelink recipients and Department of Veterans Affairs customers from today. There is no need to apply, as payments will be made into your account automatically.
What's Changing From 10 January 2026
People of pension age can have up to £10,000 savings in the bank before it affects their pension credit. So if you have savings over £10,000, it will start to count towards your income calculation. Every £500 over £10,000 will be calculated as £1 additional income per week.
Yes, pensioners receiving payments from Centrelink (Services Australia) generally need to report income and changes in circumstances, especially employment income, even if it's zero, to ensure correct payment, with reporting often required fortnightly through myGov or the app, even if there's no income to report. Failing to report income or significant changes (like assets, address, or living situation) can lead to overpayments and debts, while reporting late might delay payments.
The bonus will be automatically paid to individuals who are receiving eligible Centrelink benefits as of the qualifying date.
Eligibility for the $780 payment primarily depends on the recipient's participation in specific government support programs. The main groups eligible include: Age Pensioners and Disability Support Pension recipients. Carers receiving Carer Payment or Carer Allowance.
You'll get the Christmas bonus if: you live in the UK, Channel Islands, Isle of Man or Gibraltar, and. you are present or 'ordinarily resident' in one of these locations during the 'qualifying week', which is normally the first full week of December, and. you get the state pension or another qualifying benefit.
For Australian Age Pensioners, the "3 additional payments" often refer to components within the Pension Supplement (covering utilities, phone, internet) and potentially other key supplements like Rent Assistance, Energy Supplement, or the Work Bonus, all designed to help with living costs, though specific payments vary by individual circumstances and eligibility. The Pension Supplement itself replaced older allowances, combining basic amounts for utilities and pharmacy costs into one payment, plus an extra Energy Supplement for some.
Who needs to file a tax return? If you receive a tax-free super pension, generally you are only required to lodge a return if you receive additional income from another source, such as investments.
Centrelink does not monitor your bank accounts in real time. Access to detailed bank information is generally limited to investigations of suspected fraud.
You can have significant savings before losing your Australian Age Pension, with limits depending on whether you own your home and your relationship status, such as a single homeowner having up to $321,500 in assets for a full pension, while non-homeowners have higher limits, and a part pension is available with even more assets, up to around $700k-$900k before payments stop. The key is that your assessable assets (excluding your primary home) reduce your pension by $3 for every $1,000 over the lower threshold, but you can still get a part pension with much higher assets.
If you have money, savings and investments between £6,000 and £16,000 your Universal Credit payments will be reduced. Your payments will be reduced by £4.35 for every £250 you have between £6,000 and £16,000. Another £4.35 is taken off for any remaining amount that is not a complete £250.
Centrelink $1,600 Christmas 'bonus' payment to older Australians refuted as scammers try to cash in. No bonus payments have been announced for Centrelink recipients or seniors, despite misinformation spreading online.
Everything's much more flexible now. While you currently have to wait until you reach 66 to get your State Pension, you can start drawing your workplace and private pensions from the age of 55 (increasing to 57 from April 2028) – typically recognised as early retirement age.
Age Pension claims took an average 32 days in the April-June 2025 quarter, down from 74 in the same period in 2024, while Disability Support Pension claims are now taking average of 34 days, down from 96.
Liquid Assets waiting period. If you have savings or other liquid assets over $5,499 you will have up to a maximum of 13 weeks to serve a Liquid Assets Waiting Period. That is, your first payment will be delayed.
On 1 December 2025 the deposit limit rose to £120,000. Check how much of your money is protected by using our bank & savings protection checker.
Technically, yes – but there are significant factors to weigh before pursuing this route. While spending down your super may reduce your assessable assets and potentially increase the Age Pension you're eligible for, it's crucial to consider how this could impact your financial security and lifestyle in retirement.
You can earn income before losing your Australian Age Pension, but it depends on your situation (single/couple) and if you're working or have investment income; for example, in late 2025, a single person could earn up to ~$218/fortnight (or more with the Work Bonus) before payments reduce, with a cut-off point around $2,575/fortnight before losing it entirely, while couples have higher thresholds, and income is assessed through the income test Services Australia.
Centrelink investigations are triggered by various factors, primarily data matching (comparing records with other agencies like the ATO), tip-offs from the public, and inconsistencies in reporting, such as under-declaring income, assets, or failing to report changes in living arrangements (e.g., moving in with a partner) or employment status. These triggers can lead to reviews, interviews, or fraud investigations for suspected overpayments or entitlement issues, often initiated by automated systems or manual referrals.
There isn't a savings limit for Pension Credit. However, if you have over £10,000 in savings, this will affect how much you receive. If you're a mixed-age couple (meaning only one of you is over State Pension age), you normally have to claim Universal Credit until you've both reached State Pension age.